Many individuals are looking for a way to control their debt, and if a person is in this situation they may want to consider filing for bankruptcy. The route of seeking debt relief through filing for bankruptcy should be used only when a person has first spoken with an attorney who specializes in dealing with such matters. There are many factors a person may not be considering, and they should understand the process and the consequences of their decision before jumping straight into it.
One of the biggest drawbacks of filing for bankruptcy is that a person will likely lose their property, however, they will not lose all of it. There are certain exceptions that a person is allowed to keep under federal non-bankruptcy exemptions and other rules. If a person is unable to exempt or protect their property, the property becomes at-risk, and the Chapter 7 trustee can seize and sell that property at will. It is also important to note that a couple can file joint bankruptcy and double the amount of exemption on many items.
Common exemptions include:
- Homestead or residential property
- Insurance benefits
- Motor vehicles
- Personal property
- Pension retirement
- Certain wages
It is important to note that even for the exemptions that a person receives, there are conditions to them. Such as for wages, 75% of their disposable income can be exempt or 30 times the federal minimum wage. If a person has tools for their business such as instruments and trailers, they may have that exemption as well. The exemption rules are pretty strict, but a person may find adjustments. Anyone who is thinking about filing for bankruptcy should get in touch with an attorney who specializes in such cases, so the process goes through as smooth as possible.
When should I file for bankruptcy in Monroe, Louisiana?
Bankruptcy gives a person a chance to start over again and get much-needed debt relief so they can continue living a relatively good life without losing everything all at once. A person should only go forward with the bankruptcy procedure once they have completed their credit and debt counseling.
They should also make sure to reach out to a bankruptcy lawyer and speak to them in detail before they make their first step and file their application. An attorney can help a person easily file their papers and collect all their supporting documents. They will also advise a person on what form of bankruptcy is best to file and what steps they should take to ensure everything turns out in their best interest,
Connect with a bankruptcy attorney today at the Law Office of Campbell, House, and Company to get professional legal advice regarding one’s funds and to get another chance at fixing ones finances again.
Reach them at:
1815 Roselawn Ave
Monroe, LA 71201